Bitcoin climbs above $19.5,000 amid rally in global assets

Editor’s Note: With so much market volatility, stay tuned for daily news! Get caught up in minutes with our quick summary of today’s must-read news and expert opinions. Sign up here!

(Kitco News) – The month of October is off to a positive start for the crypto market, as Monday saw green across the board for a majority of tokens in the top 100 to go along with gains in traditional financial markets.

Rising prices come in the face of concerns about the solvency of Credit Suisse ( CS ), a global systemically important bank ( G-SIB ) whose CEO only managed to reinforce those concerns after issuing a note over the weekend that sought to reassure major investors about the health of the financial institution.

Data from TradingView shows that the price of Bitcoin (BTC) climbed steadily higher during trading on Monday, reaching an intraday high of $19,640 during afternoon trading, before retreating to support at $19,500.

BTC/USD 4-hour chart. Source: TradingView

As it stands, Bitcoin has “bulls and bears battling for near-term technical control, with neither having any success,” according to Kitco senior technical analyst Jim Wyckoff, who noted that “Prices have been grinding sideways recently.”

“A move in BC prices above the September high would embolden the bulls to suggest a price uptrend is developing, and a move below the September low would recharge the bears and restart a price downtrend,” Wyckoff said.

BTC is warming up for a potential rally

While the BTC price remains right in the middle of the range the top crypto has traded in over the past month and a half, today’s gains have the potential to start the next rally for Bitcoin, according to independent market analyst Michaël van de Poppe.

Boring markets too #Bitcoin.

For some volatility, I would prefer to see $19.3K regained for support or a test of $18.75K.

Until then, range-bound and boring style remains. pic.twitter.com/yipDTLri3Q

— Michaël van de Poppe (@CryptoMichNL) 3 October 2022

For that to be true, Bitcoin needs to continue on its upward trajectory and turn the $20,000 resistance to support before attempting to break out higher.

Independent cryptoanalyst McKenna posted the following tweet showing the potential for BTC to climb as high as $24,400 in the near future.

I am long BTC targeting $24400 series high. pic.twitter.com/3f6CHjHfd2

— McKenna (@Crypto_McKenna) 3 October 2022

According to McKenna, the market is probably >80% through [the] actual downturn, but now facing [a] period of low volume sideways which may be more painful. A long time horizon plus slow scaling in positions here is where the wealth is created.”

While the BTC price remains a focal point for traders and investors, the underlying strength of the top crypto is better exemplified by the Bitcoin network’s hashrate, which hit a new all-time high on October 2 when it soared above 295 exahashes per second ( EH/ s) according to data provided by btc.com.

Since the network’s inception, the hash rate has increased exponentially from six million hashes per second to the recent 295 quintillion hashes per second.

Altcoins in the green

Overall, it was a positive day for financial markets across the board with a majority of the top altcoins in the green while the S&P, Dow and Nasdaq all ended the day in the green, up 2.59%, 2.66% and 2.27% , respectively

Daily performance in the cryptocurrency market. Source: Coin360

Top gainers on the 24-hour chart include a 12.92% price increase for Coti (COTI), a 10.13% increase for Ren (REN), and an 8.16% increase for Constellation (DAG).

The total cryptocurrency market cap is now $943 billion, and Bitcoin’s dominance rate is 39.8%.